Money deposited by accident

J

jimbo007

Registered User
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Hi,

Somebody deposited money into my account 5 months ago by accident, which I didn't notice at the time (as some direct debits were coming out).

They've looked for it back now. Do I have to pay them right away, or can I legally pay it back to them in installments as I dont have the cash?

Thanks.
 
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Legally, the money is not yours and you must pay it back. I'm sure you could pay it back in one go if you wanted to.
But if you do not have it, I suppose they might come to a compromise with you and let you pay it back in instalments or they might sue you for it.

mf
 
Is it a large sum? What took them so long to notice? Explain to them that you don't have it, but will repay it in regular installments that you can afford.
 
Thanks for the responses.

Smashbox said:
Is it a large sum? What took them so long to notice? Explain to them that you don't have it, but will repay it in regular installments that you can afford.
Click to expand...

Yeah I've already explained this to them by email and I'm waiting for their response. I'm just trying to figure out where I stand if they demand it in full.
(not a substantial sum but not trivial either, for me).
 
What took them so long to notice?

How come you didn't notice ? I know dd's etc but in the present climate I think everybody is keeing a closer eye on finances.
I'm sure if you explain the situation they will maybe hold off till your salary goes in or whatever. But ultimately it's not your money and it's up to you to monitor your a/c also.
 
Are you dealing directly with the other person? I would have thought the bank would be in the middle of any discussion.

Someone paid my husband's credit card bill once, I think the bank had the wrong account details logged for the Direct Debit. By the time I noticed (same day) and called the bank the other party had already alerted them and it was all put right immediatly.

That said, a friend of mine in the UK had £25,000 lodged to his account by accident and he had to pay it back.
 
Somebody deposited money into my savings account once. I hadn't checked it as it wasn't my current account. My bank phoned me (don't really know how they knew), and asked if it was alright to transfer the money to the other person. She said she had to have my permission as technically the money was mine! Appearently if I said 'No' then the bank would have to fork up - their mistake. Didn't something like this end up in court once? Anyway, the money was taken out of my account with my blessing - no such thing as a free lunch I suppose.
 
this happened me too a few years ago. the bank didn't even contact me. they just took it back as soon as the error was noticed. i didn't know until i got my statement.
 
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